THE buying a house It has become one of the central axes of the concerns related to the economy of the Spanish. Those who are thinking of renting an apartment see that in the big cities, small studios can exceed 600, even in the most economical neighborhoods. On the other hand, those who are thinking of buying do not see much more promising prospects.
A new home in Spain is more expensive than ever. According to data from the Appraisal Society, an apartment of about 100 square meters cost around 293,000 euros in June. Likewise, real estate prices increased by 7.8% in the second quarter of 2024 compared to the same period last year.
Effort required to buy a house
Salaries remain the same – or increase at a slower rate – while housing increases at a much higher rate. According to a 2023 report by Infojobs and Fotocasa, Wages have increased by 3.4% over the past 10 years, compared to 8.5% for housingLikewise, according to data from the Bank of Spain published in its annual report, the effort related to the purchase of homes amounted to at the end of 2023 7.3 years. In addition, the agency estimates that paying the mortgage payment represents nearly 40% of income.
The purchase price of a house in the Basque Country
According to data provided by Apartments.com, the price in the Basque Country of a A typical 90 square meter apartment costs, on average, 281 502in the Basque Country in August 2024.
In addition, it must be taken into account that before buying a house it is necessary to have a certain level of savings. Experts recommend that it be 20% for the entry plus an additional 10% associated with purchase and sale expenses such as certain taxes. In total, A 30% saving on the value of the house is necessary to be able to access the purchase beyond the fact that in recent times different measures have been approved with the aim of facilitating access, especially for the youngest, such as ICO guarantees.
Taking this into account, on this average price of 391,632 euros for a 90 square meter apartment in the Basque Country, a person would have had to save 56,300 (20%) for the deposit plus 28,150 (10%) for other expenses. In total, it would first be necessary to contribute 84,451 euros.
Salaries in Spain
In this situation, the focus is on wages. According to data from the National Institute of Statistics (INE), the The average salary in 2022 was 2,128.37 euros compared to 1,572.59 in 2006. Wages are falling in the 25-35 age group. In this, the average salary in 2022 according to INE data was 1,850.55 euros gross per month.
On the other hand, the median salary in 2021 (latest data available on the statistical portal) was 19,162.47 for women and 23,490.62 for men.
